India Dealbook: InstantPay raises up to $5m; CoCreate bets on JustBooks

InstantPay, Delhi-based digital payments and financial services company, and library chain JustBooks have raised funding in different deals.

InstantPay gets up to $5m from RB Investments, Kaleden Holdings

Digital payments startup InstantPay, run by Delhi-based SMSdaak India Ltd, has secured between $3 million and $5 million (Rs 20 crore to Rs 34 crore) in a pre-Series A funding from Singapore-based RB Investments and Kaleden Holdings.

Started in 2010, InstantPay provides electronic payment and transaction processing systems to service providers, financial institutions, distributors, retailers and individuals. It has over 100 products and services and facilitates digital payments at kirana stores in tier-2 and 3 cities.

According to an article in Economic Times, InstantPay will use the funding for the development of new products and geographical expansion across the country. A part of the funding will be used to build the brand and for marketing.

“Companies should target to make unit economics sustainable before taking long bets in the market and aggressively aiming for market share,” said Rajesh Bothra, MD at RB Investments to ET reporter.

JustBooks raises funding from CoCreate Ventures

Library chain JustBooks Solutions Pvt Ltd has received an undisclosed amount of funding from investment firm CoCreate Ventures, according to a statement.

CoCreate Ventures has launched a Rs 15 crore ($2.2 million) fund to help startups pivot or turn around. This is the first investment by the company which was co-founded by TeliBrahma founder Suresh Narasimha and former partner at Ojas Ventures Pavan Krishnamurthy.

JustBooks is a newly created company which was earlier a part of Bangalore-based services firm Strata Retail & Technology Services Pvt Ltd. Prior to this deal, Strata Retail was running the omni-channel library service in 13 cities across India.

The funding raised by JustBooks will be used to acquire the JustBooks brand and business from its former parent company.

“With over a million books in our omni channel network and immense consumer loyalty, we are now looking to scale in terms of new channels and products to enhance this experience,” said Sridhar Rajaram, chief executive of JustBooks.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.